Texas-based buyout giantTPG Capital has reportedly approached investors to gauge interest in a $1bn-plus bridge fund as it attempts to finish deploying its last mammoth flagship vehicle.

Financial News first reported the possibility of the fund, citing people familiar with the matter.

Last August it emerged TPG had asked LPs for an additional year to allocate its $19bn flagship TPG VI vehicle, which still had around $3bn of undeployed capital at that point.

The firm was looking to secure an extension to the fund’s investment period to February 2015 in exchange for waving management fees and other charges that could amount to tens of millions of dollars, the FT said.

TPG reportedly said in a handout that the extension would enable it to focus on performance and there would be “no need to begin raising TPG VII prematurely.”

The sixth fund was closed just before the onset of the global financial crisis, which has made it more difficult for private equity firms to find good deals.